Summary
In the realm of alternative homeownership, Christopher Thomas' Coram Houses stands as a beacon of innovation. Shifting the paradigm away from traditional housing, Coram Houses focuses on sharing land and maximizing it with Tiny Homes or Accessory Dwelling Units (ADUs). Thomas, driven by a mission against housing injustice, collaborated with PCAP to secure a $200,000 loan. This financial boost allowed Coram Houses to restructure debts, maintain staff, and expand its footprint. As 2024 unfolds, Thomas envisions transformative projects, such as constructing ADUs for elderly tenants at a local church. Coram Houses exemplifies how strategic financing fosters growth and societal impact.
When Christopher Thomas embarked on establishing Coram Houses, he envisioned a business that shed a different light on home ownership – or rather, the homeowner’s backyard. His innovative plan centered not only on sharing land but also on leveraging it to augment owners’ income.
“Housing injustice is a significant issue,” Thomas explained. “I decided there is something to be done about, to push back against something different than a big house with a white picket fence… To say, ‘I’m going to share my land.’”
The focal point of Coram Houses’ strategy lies in the surging popularity of Tiny Homes, or Accessory Dwelling Units (ADUs) especially among singles who seek an alternative to the conventional studio-style apartments or homeowners looking to add additional income. To grow his small business, Thomas worked with the lending team at PCAP to restructure old debt and provide Coram Houses with the working capital needed to grow.
That loan amount – $200,000 – came at a pivotal time for Thomas.
“It gave us a buffer, and the ability to remain true to what we’re doing,” Thomas said. Additionally, the PCAP loan allowed him to retain his staff. Currently, Coram Houses employs four people, three of whom are full-time.
Originally designed as a revenue sharing structure, Coram Houses shifted to a more traditional construction model. PCAP’s loan made that possible. “By refinancing old debts from when he began the business in 2021, we were able to significantly improve Topher’s cash flow, which provided a pathway for continued expansion and growth,” said Quinn Coleman, a Senior Business Lender for PCAP.
Moving into 2024, Thomas has big plans on the horizon, including building six AUDs in the backyard of a local church.
“I am excited to see what happens at the church; it is going to be one of our largest projects. What is even better is that this project is focused on finding tenants who are elderly and in need of housing,” Thomas said.
With a dozen contracts already inked for the construction of 22 new ADUs across Durham, Coram Houses is not merely a construction company, but a visionary force driving change in the real estate sector.
A new year with new possibilities and continued support from PCAP along the way. To read more about PCAP’s small business loans, visit PartnerCapital.org/Apply.
